Just over 100 rural blocks are going on the market in Murrumbateman wine country to meet rocketing demand for lifestyle sites on Canberra’s outskirts.
The Fields of Murrumbateman joint venture between Jure Domazet of Doma Group and Shane Quinn from Melbourne-based Quintessential Equity will release just over 40 hectares next to Shaw Wines in two stages.
Director, Residential Land, at Colliers International, Josh Reid said 70 serviced blocks were being released now, and a further 31 will become available by the end of the year or early next year.
They range in size from 6,500m2 to to 14,000m2, and in price from $372,500 to $597,500. For comparison, a 481sqm block in the new Gungahlin suburb of Taylor will set you back $369,000, and a 1067sqm block $514,000.
Mr Reid said the blocks would be connected to electricity, broadband and water, via a reticulated bore. Buyers will also be required to install water tanks on site.
Marketing would begin in a week or two but Colliers’ VIP mailout had already attracted strong interest with 250 registrations.
But the blocks will not go to auction or be balloted. Mr Reid said a $1000 holding deposit would secure a block, with 10 per cent deposit required on exchange of contracts.
Unlike some estates in Canberra, there were no requirements to build within a certain time, so buyers could take their time planning their new home.
He said most interest had come from Canberra but there had also been good inquiry from local residents looking to upgrade or with family or friends wanting to move to the area.
Mr Reid said Canberra was not immune to the increased demand for a country lifestyle that agents and researchers have attributed to changes in work and life balance due to the COVID-19 crisis.
The NBN connection would be a big attraction for buyers looking to continue working from home to some extent.
”Prior to COVID people would have said jumping in the car and driving to and from the office every day from Murrumbateman would have been too much for them but now with working from home arrangements they are certainly changing their outlook around travel times,” Mr Reid said.
“People are now considering going to the office a couple of days a week then working from home the other couple. It is certainly appealing to them now more so than prior to COVID.”
He said many people wanted the ability to design and build their own home on a large block and not be living wall to wall with their neighbours.
Building a sustainable lifestyle was also a strong trend.
”Whether people want to start a hobby farm; run horses or chickens; plant a veggie garden, vines or an orchard; or simply leave the city grind behind, The Fields will allow them to achieve their lifestyle dreams,” Mr Reid said.
Mr Reid said The Fields also offered an excellent long-term investment, with capital growth likely to be generated by the government investment going on in and around Murrumbateman including funding for a new school and duplication of the Barton Highway linking the town to Canberra.
He said demand for rural blocks near Canberra was very strong, with a ballot earlier this month for a single rural residential block in Tharwa attracting over 283 expressions of interest.
“Based on the demand we have seen for rural properties in recent months, we would recommend anyone interested in The Fields moves quickly,” Mr Reid said.
To learn more, visit www.thefieldsmurrumbateman.com.au
Original Article published by Ian Bushnell on The RiotACT.